Hexagon Composites opens LPG cylinder plant in Russia

PRESS RELEASE

Hexagon Composites' joint-venture Rugasco successfully opened Russia's first composite gas cylinder plant last week in the major industrial city of Nizhny Novgorod.

The opening ceremony was attended by the Governor of the Nizhny Novgorod region Mr. Valery Shantsev, Deputy Head of Mission at the Norwegian Embassy Mr. Bård Ivar Svendsen, Chairman of Autocomponent Mr. Yuriy Belyaev, Chairman of Hexagon Composites Mr. Knut Flakk, together with other representatives from the authorities, owners and customers.

Rugasco was formed in 2012 as a joint venture between Hexagon Composites ASA and Autocomponent, a large Russian manufacturer of plastic parts for the automotive and construction industry. The plant has a capacity to produce 200,000 LPG cylinders annually. The establishment has initially created 25 positions in Nizhny Novgorod.

"The opening of the plant in Nizhny Novgorod marks a new era in the development of composite cylinders in the Russian market. The establishment of the plant is a result of successful cooperation between Russia, Sweden and Norway", said Mr. Knut Flakk, Chairman of Hexagon Composites.

The automated production line has been transferred from Hexagon's subsidiary Composite Scandinavia AB in Sweden which was closed down in 2012.

Russia is one of the world's largest producers of natural gas and has implemented a policy to better utilise its natural gas resources domestically. The opening of the LPG cylinder plant is therefore seen as very positive by the Russian authorities. It is also expected that this will generate sales of Hexagon's high-pressure composite cylinders for storage and transportation of natural gas to the Russian market.

Governor of the Nizhny Novgorod region, Mr. Valery Shantsev

Chairman of Autocomponent Mr. Yuriy Belyaev

Chairman of Hexagon Composites, Mr. Knut Flakk

Welcoming letter from the
Prime Minister of Russia, Mr. Dmitry Medvedev

Inside the automated production plant

Chairman of the Leaders' Club, Artyom Avetisyan
holding the lightweight composite LPG cylinder

The Rugasco and Hexagon team

Outside the Rugasco production plant


Hexagon Composites ASA is a publicly listed company with its head office located in Aalesund, Norway. The Group has more than 500 employees and in 2012 had sales of NOK 1 033 million. The Group develops and produces composite containers for the storage and transport of various gases under pressure and multiaxial composite reinforcements.


For more information:
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | E-mail: solveig.saether@hexagon.no